India VIX was up by 3.71% from 11.31 to 11.73 levels on Thursday. Volatility spiked to 12.7 zones during the day and paved the way for the bears to completely take over the market.
Since it is the beginning of new expiry, options data is scattered at various far-strike prices. On the weekly option front, the maximum Call OI is placed at 19000 and then towards 19400 strikes.
The maximum Put OI is placed at 18000 and then towards 18500 strikes. Meaningful Call writing is seen at 19000 and then towards 18900 strikes while Put writing is seen at 18000 and then towards 18500 strikes.
“Options data suggests a broader trading range in between 18300 to 19400 zones while an immediate trading range in between 18500 to 19000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The Nifty index has corrected by more than 1000 points in the last six sessions and formed a Three Black Crows candlestick pattern with lower highs formation from the last six sessions on Thursday,” he said.
“Now till Nifty holds below 18888 zones, weakness could be seen towards 18750 then 18650 zones whereas hurdles are placed at 19050 then 19150 zones,” recommended Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst at YES Securities told ETBureau
Voltas: Buy| Target Rs 915| Stop Loss Rs 798
Torrent Pharma: Buy| Target Rs 800| Stop Loss Rs 697
Bata Industries: Sell| Target Rs 1450| Stop Loss Rs 1595
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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